CA-BUSINESS Summary

Yen tumbles on aggressive BOJ; U.S. jobs weigh on stocks

SYDNEY (Reuters) - The yen resumed its precipitous slide early Monday to hit fresh lows against a host of major currencies as reports the Bank of Japan would begin buying longer-dated bonds immediately underlined its determination to beat deflation. Asia-Pacific stock markets were set to open slightly lower, weighed on by a weaker-than-expected U.S. employment reading which fuelled concerns that the recovery in the world's largest economy may be losing steam.

Airbus seen close to BA deal, adding pressure for Boeing revamp

PARIS (Reuters) - A potential $7 billion order from British Airways for Airbus A350 jets is set to hand Boeing Co its next major challenge as it nears the end of a three-month crisis over the grounding of the 787 Dreamliner, analysts said. If confirmed, the order would strike a blow inside one of Boeing's most loyal wide-body customers and may hike pressure on the U.S. planemaker to defend future profits by formally offering a revamped version of its successful 777 mini-jumbo.

Greece's NBG-Eurobank merger suspended, official says

ATHENS (Reuters) - National Bank's plan to absorb Eurobank to form Greece's biggest banking group will be suspended until both are recapitalised, and a state bank support fund will decide if the they should merge, a Finance Ministry official said on Sunday. National acquired 84.3 percent of Eurobank via a share swap in February with a view to absorbing it as part of broader consolidation in the banking industry to cope with fallout from Greece's debt crisis and deep recession.

Luxembourg says willing to ease banking secrecy: paper

BERLIN (Reuters) - Luxembourg is prepared to ease its banking secrecy rules and work more closely with foreign tax authorities, Finance Minister Luc Frieden told a paper, in a comment welcomed by Germany which wants to crack down on tax havens. Frieden told the Frankfurter Allgemeine Sonntagszeitung there was an international trend towards automatically exchanging information about depositors, adding; "We no longer strictly reject this, in contrast to before."

Canada to probe report on RBC's use of iGate workers

TORONTO (Reuters) - The Canadian government is investigating a report that says the country's largest bank will use temporary foreign workers hired by an outsourcing company to effectively replace existing staff, a situation the government said would be unacceptable. A weekend report from the Canadian Broadcasting Corporation said RBC was planning to eliminate about 50 employees in its investor services division in Toronto and have the work done by outsourcing company iGate Corp .

BoJ policy welcome for world growth: IMF's Lagarde

BOAO, China (Reuters) - The head of the International Monetary Fund hailed Japan's unprecedented monetary policy boost this week as a welcome support for a world economy that she said has improved from a year ago. Christine Lagarde said on Sunday the radical $1.4 trillion stimulus from the Bank of Japan (BoJ) would help strengthen the advanced economies, saying growth in countries such as the United States was gaining speed.

Hong Kong nets only small fry for laundering illegal Chinese money

HONG KONG (Reuters) - Luo Juncheng, a delivery man and school dropout from China's Guangdong province, was 19 years old when he opened an account at Bank of China subsidiary Chiyu Bank in Hong Kong in mid-2009. Over the next eight months, he moved more than HK$13 billion ($1.7 billion) through the account, making nearly 5,000 deposits and more than 3,500 withdrawals in the largest money laundering case on record in the territory.

Low bond yields luring global central banks into equities: survey

LONDON (Reuters) - Low returns on top-rated government bonds are leading central banks to take on more risk in their reserve portfolios, with almost two-thirds more inclined to invest in equities compared with a year ago, a survey showed on Monday. The annual survey of 60 central banks with a combined $6.7 trillion in reserves showed that their reserve managers were investing in markets and currencies they would not have considered until recently.

Shaping up for another tricky vintage

LONDON (Reuters) - Just three months in, and already there is a nagging sense that 2013, like last year and the one before, will produce another disappointing vintage for the world economy. Japan's $1.4 trillion monetary barrage stole the show last week, but it was the dismal turn in data from the United States and Europe that brought home how this year is panning out worse than many had hoped.

Pirelli studying plan to offset weakening European demand: source

MILAN (Reuters) - Tyremaker Pirelli plans to offset weakening demand in Europe for its premium tyres by shipping tyres produced in Europe to emerging markets, where demand is growing, said an industry source on Sunday. Pirelli said on Friday that it is carrying out a "significant review of its commercial structures" in response to weak economic conditions in Europe. Lack of visibility on business conditions has forced it to delay the release of its new 2013-2017 business plan to November from May 8, it said.

Source: http://news.yahoo.com/ca-business-summary-060308651--finance.html

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